Interim Management Statement

FOR IMMEDIATE RELEASE

12 November 2008

                      LONDON & ASSOCIATED PROPERTIES PLC                       

               INTERIM MANAGEMENT STATEMENT - THIRD QUARTER 2008               

The third quarter of 2008 has seen a significant deterioration in property
values driven by a near complete absence of bank finance. LAP cannot expect to
be unaffected when our portfolio of shopping centres and retail property is
revalued at the year end.

However, shareholders will recall that, in the two to three years prior to the
current market turmoil, we sold a significant number of secondary properties.
As a result we now have a high quality portfolio, over 90% of which is focused
on top quality recently refurbished shopping centres, shops in exclusive parts
of Central London and prime shops throughout the UK.

Our portfolio should also benefit, on a relative basis, through the rental
growth achieved at our major properties, our historically conservative
valuations, as well as the active asset management we have undertaken to
improve the tenant profile and rental income at a number of our centres.

Following our disposal programme, we have maintained substantial cash balances
which provide us with considerable financial flexibility. We have a weighted
average loan term of more than 5 years (not including overdrafts) and the
earliest repayment date for any loan is August 2011.

We collected over 99% of rents within two weeks of the September quarter day
and have only three tenants in administration trading from three units and
paying a total rent of £0.1m. No single tenant accounts for more than 5% of our
rental income, our top 56 tenants, all but one of whom are significant chains
of shops, comprise 75% of our rental income and some 70% of our tenants have
more than five years unexpired on their leases. As a result we feel cautiously
well positioned to avoid the worst of the tenant defaults generally predicted
for the coming months.

Our two main Shopping Centres at Sheffield and Windsor are both effectively
fully let. At Orchard Square, Sheffield, we have now completed the new 46,000
sq ft anchor store for TK Maxx and it opened for trade on 30th October. Early
reports suggest that it is trading particularly well. At the same time, the
extended units that we were building there for Starbucks, Evans and Blue Banana
are now completed and the tenants all expect to open their doors for trading by
the end of November. These new units alone have added £0.9 million to our
annual rent roll, an incremental £0.6 million compared to the units that have
been replaced. Total construction costs and fees on both these projects was £
6.2m.

We have no significant developments from a cost point of view on the horizon.
The largest project is at The Mall in Islington, London, where we are at the
final stages of preparing for a listed building appeal. The hearing is
scheduled for early December and we remain confident of a satisfactory outcome.
Any additional future developments will only be considered with a pre-let to an
undoubted covenant in place, as is the case with The Mall.

We are following closely the potential change of ownership of Halifax Bank of
Scotland (HBOS), our joint venture partner in Analytical Ventures Ltd, although
it has not to date affected us. We have not to date been affected by the
potential change of ownership of HBOS.

I believe that we are well positioned to ride out the forthcoming difficult
period: we have completed our development and disposal programmes, leaving us
to focus on intensively managing our quality and well-spread portfolio of
shopping centres and retail property and in a position to take advantage of any
opportunities that the current market presents.

                                     Ends.                                     

Contact:

John Heller, Chief Executive, LAP. Tel: [phone]

Robert Corry, Finance Director, LAP. Tel: [phone]

Baron Phillips, Baron Phillips Associates. Tel: [phone]